In May, many of us will spring clean and get our house in order. Dust the cobwebs. Power wash the siding. Weed the garden.
But what about your financial house? How does your budget look after the winter? Do you need water your savings?
SVP and Chief Banking Officer Toby Smith spoke with Fox 5 DC about May Money Goals. What can you do in May to continue financial success or get back on track for the rest of 2025?
- Set financial goals and stick to them: Get an accountability buddy to help you evaluate your plan and hold you to it when you might want to slip up and make that impulse buy. You can make a financial wellness checkup appointment with us to start the process.
- Take full inventory of your finances: Account for every cent, each account, and all your debts. SECU can help with our Credit Score feature. Login to your account through online banking and register to see and improve your credit score.
- Don’t chase rewards points: Are those extra 50 points really worth it if you can’t make your full credit card payment? The interest on your remaining balance most likely far exceeds any coffee or retail store perks.
- Pay yourself first: It’s easier said than done, but try to stick to this 50/30/20 rule. 50% of your budget goes to required expenses (rent, heating, health care). 30% is discretionary (meals out, vacations, gifts). 20% you pay yourself straight into savings.
You can watch Toby’s full segment below.
